Changes in Relative Producer Prices in Yugoslavia 1971–80
As earlier papers have emphasised, thé 1970s witnessed sudden, huge increases in world raw material prices, especially for oil and food. This must have contributed both to higher inflation and to shifts in the relative prices for individual countries’ exporters and/or importers of these products. There was a five-fold increase in producer prices in Yugoslavia between 1970 and 1980. Within this, prices of crude oil and gasoline increased by about 17 times, and of coal, electricity, iron and steel by five-eight times. Yet furniture and wood, finished textile products, shoes and machinery less than trebled in price.
KeywordsForeign Trade Producer Price Price Function Domestic Prex World Prex
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